English Public Finance from the Revolution of 1688: With Chapters on the Bank of England

THERE is every evidence that the early kings had in
use well developed methods of administering their finances.

The Exchequer

The Exchequer was the place where the King's revenue
was received, where it was kept, supervised and controlled
and from whence it was issued. There were three officers of
the Exchequer, each of whom had control over the issue of
the money. The money was kept in chests, each chest having
three locks and each of these officers having his key to one of
the locks. One of these officers called the Teller, was the
cashier who received the money; then there was the Clerk of
the Pells, who recorded on a pell or parchment all receipts
and issues; finally there was the Auditor, who examined the
records and whose duty it was to see that no money was
issued except in accordance with the law, and with the sanction of Parliament.

This system existed until well into the nineteenth century,
although certain changes were of course made in respect to
the actual custody of the cash. In 1834 the whole system
for the administration of the public finances was revised
and modernized.

The Accounting

The King's revenues were collected by the sheriffs and by
them were twice a year, at Easter and at Michaelmas (the
day after the feast of St. Michaels, about the end of September) paid to the King's treasury.

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Notes for this page

Questia, a part of Gale, Cengage Learning. www.questia.comPublication information:
Book title: English Public Finance from the Revolution of 1688:With Chapters on the Bank of England.
Contributors: Harvey E. Fisk - Author.
Publisher: Bankers Trust Co.
Place of publication: New York.
Publication year: 1920.
Page number: 150.

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